Navig8 Hauls in LR2 Loan
- Business & Finance
Navig8 has secured financing for its first eight LR2 newbuildings currently under construction at Sungdong Shipbuilding & Marine Engineering (Korea) and Guangzhou Shipyard International Company Limited (China).
The Loan facility covers approximately 65% of the contract price of the vessels and the facility is offered by a group of European banks (DVB Bank, BNP Paribas, Swedbank, Credit Agricole Corporate and Investment Bank, and NIBC Bank).
The loan facility secures the financing of all the company’s LR2 vessels scheduled to deliver in 2015, and remains subject to final documentation.
Navig8 has a total of eighteen ECO LR2 tankers on firm order with Sungdong and Guangzhou scheduled for delivery in 2015/16.
June 12, 2014